Last Updated on January 16, 2023 by user
Hello and welcome to the final edition of Business News Now.
Today’s top story: the hidden, and often priceless, workplace benefits of intelligent HR and payroll software. Retained talent; increased productivity; better data and decisions.
In business, we typically look to the facts and figures that are easily quantifiable. When assessing profits, we look at the numbers like costs versus income. But how do you measure the intangible aspects like productivity and employee churn? Or the added value your teams could be deriving from freeing up their time to focus on the aspects of their role and your business that have a greater impact rather than administrative tasks?
In this special report, we take a closer look at the hidden benefits of innovative software and the positive ways it can help drive your business forward while keeping the most important assets of your company – your employees – happy.
The value of automation
Let’s take a look at productivity losses due to a lack of automation and digitization. HR managers who do not fully automate say manual processes have led to 41% lower productivity and 40% less errors.
Although companies are showing rapid technology adoption, many are still using multiple spreadsheets to keep track of their employees’ shifts, leave taken and planned time off. Trying to sync this with another spreadsheet containing your payroll information is not only time consuming, but also opens the risk of over or under paying employees due to calculation errors. Imagine what your team could do if this process was automated and streamlined. As well as improving accuracy and giving them valuable time back, it would free up your management team to focus on more important aspects of their role.
Companies experiencing the Bayzat Effect were able to cut daily admin by two thirds, allowing their HR managers to focus more on transforming their organization’s culture. In case you think organizational culture goes unnoticed by employees, “67% of employees say culture is more important than strategy or operations” [source]. And a more positive culture is more likely to result in an engaged and loyal workforce.
Meeting employee expectations
But the value of technology goes beyond increasing productivity. Business leaders can also gain visibility into daily operations and with a plethora of data reporting, they are able to become more agile in making decisions. For example, using key data insights from your HR software platform can enable you to shape your company policies to better accommodate employees and address the external factors affecting both work and personal lives. A simple data point such as expense claims could help alter your policy to combat the effects of fuel hikes. Companies using Bayzat’s HR & Payroll platform capture over 7,000 data points. Imagine the changes you could implement in your business today with the ability to accurately analyze key trends happening within your organization.
When it comes to meeting employee expectations, 70% of businesses say installing better technology helps win the talent war. Aside from looking at your employee churn rate and the cost of hiring a new recruit, you should be delving deeper to consider the time spent on training by your management team and the time taken to get new employees fully immersed in their role.
The pandemic accelerated a shift in employee expectations across the world and businesses are realizing the cost associated with retaining their top talent and the ability to attract the right employees. Research shows that highly engaged business units are also seen to achieve a 43% difference in turnover. Employees are looking for businesses that go above and beyond in terms of addressing their needs and supporting a work life balance.
150,000 employees accessing transformative benefits
With Bayzat’s employee benefits platform, businesses are able to offer their employees unlimited access to virtual doctor consultations, education and advice on selecting and maximizing their insurance policies, and the ability to save up to SAR 15,000 per year through discounts from local retailers. Not only that, organizations can launch their own corporate wellness programmes, encouraging company wide participation and engagement through the Bayzat App. It’s a win-win, resulting in a healthier, more engaged workforce that is less likely to need time off. This has a positive effect on both corporate culture and ultimately the productivity levels of your workforce.
This is all part of the wider Bayzat Effect, a phenomenon that is impacting and transforming thousands of businesses across KSA. It’s time to supercharge your work life and deliver a world class employee experience with localized HR, payroll and employee benefits at your fingertips.
That’s the latest from Business News Now.